Straight-Through Processing

portfolio_john-handcock-logoJohn Hancock provides solutions for 8 of consumers’ top 10 financial concerns, including the need to plan for retirement, the cost of healthcare, outliving savings and financial security after retirement. John Hancock employs approximately 4,000 people and sells its products through a network of financial advisors based in over 100 offices across the United States. The US Retirement Plan Services division manages over a million small plan clients.

Challenge

John Hancock accepts contribution data from their 401(k) plan sponsors in many forms, including hardcopy and an array of electronic formats. Significant manual intervention was required to get the data into the administration system and was costly to enhance and maintain. To improve productivity, John Hancock hired Intelliware to build an online system capable of accepting and processing a variety of electronic file formats while the company undertook a campaign to encourage their agents to submit their data electronically.

Solution

Intelliware built a secure system that allowed the client to submit a variety of electronic file formats through a secure browser. The system further parsed and formatted the incoming files to a standard file format that could be automatically loaded into the administration system. The resulting business benefits have been significant by both productivity and quality measures.